03:47 PM EDT, 06/14/2024 (MT Newswires) -- Ceylon Graphite ( CYLYF ) said Friday it is seeking exchange approve to temporarily lower the strike price on 7.2-million outstanding warrants due to expire on Oct.26.

The company said the warrants were issued in private placement of convertible debentures that closed on Oct. 26, 2023, and are currently exercisable at $0.06 per common share, It is wants to lower the exercise price to $0.05.

"The program will commence on the date of TSX Venture Exchange approval and will expire 30 days from the date of such approval at 4 p.m. (Vancouver time)," the company said. After the end of the period, the strike price will revert to $0.06.

The proceeds from any Incentive warrant exercised will be used to advance the company's graphite projects and for general working capital.

Ceylon Graphite ( CYLYF ) shares were last seen up $0.005 to $0.05 on the TSX Venture Exchange.

Price: 0.05, Change: +0.01, Percent Change: +11.11